Joshua Kushner
Joshua Kushner | |
---|---|
Born | Livingston, New Jersey, U.S. | June 12, 1985
Alma mater | Harvard University |
Occupation(s) | Owner of Thrive Capital Co-founder of Oscar Health Minority Owner of Memphis Grizzlies |
Spouse | |
Children | 2 |
Parent(s) | Seryl Kushner (mother) Charles Kushner (father) |
Relatives | Jared Kushner (brother) |
Family | Kushner family |
Joshua Kushner (born June 12, 1985) is an American businessman, heir, and investor.[1] He is the founder and managing partner of the venture capital firm Thrive Capital, co-founder of Oscar Health, and the son of real estate developer Charles Kushner.[2] He is the brother of Jared Kushner, son-in-law and former senior advisor to former U.S. President Donald Trump. He is also a minority owner of the Memphis Grizzlies.[3][4]
Early life and education
[edit]Joshua Kushner was born on June 12, 1985, in Livingston, New Jersey where he grew up in a Jewish family to parents Charles and Seryl Kushner.[5] Kushner graduated from Harvard College in 2008, and from Harvard Business School in 2011.[6][7][8]
Career
[edit]Early career
[edit]During his sophomore year, Kushner was founding executive editor of Scene, a new pop culture student-publication.[9] The publication was badly received by critics upon release.[10]
In the spring of his junior year he worked with two graduate students to pool $10,000 in order to found social network Vostu,[11] which aimed to "fill a void left by online communities in which English is the lingua franca", like Facebook. According to Kushner, Latin America was a promising market for a Facebook-alternative and new social networking site because "[it was] a place where Internet use is increasing every year, and technology is booming at a rapid pace".[12] Vostu laid off the majority of its employees in 2013 and significantly scaled back its operations after a copyright lawsuit from a competitor accused them of copying games.[13][14]
The year after graduation he co-founded a start-up called Unithrive. Unithrive was inspired by the peer-to-peer loan model of Kiva, but aimed to "ease the crisis in paying for college" by matching "alumni lenders to cash-strapped students ... who [could] post photographs and biographical information and request up to $2,000", interest-free for repayment within five years of graduation.[15] After graduating from Harvard, he started his career in the private equity arm at Goldman Sachs, working for a year on distressed debt.[16]
Thrive Capital
[edit]He founded Thrive Capital in 2010, a venture capital firm that focuses on media and internet investments.[17][18] Since its founding, Thrive has raised over $7.3 billion from institutional investors, including Princeton University.[19] Thrive’s capital funds include: Thrive II, which raised $40 million in 2011; Thrive III, which raised $150 million in 2012; Thrive IV, which raised $400 million in September 2014;[19][20] Thrive V, raising $700 million in 2016; Thrive VI, raising $1 billion in 2018; Thrive VII, raising $2 billion in 2021; and Thrive VIII, raising $3 billion in 2022.[21][22]
As an investor in Instagram, Kushner was the second largest investor in Instagram's Series B fundraising round. Valued at $500 million, Thrive soon doubled its money after Instagram was sold to Facebook.[11]
For his work with Thrive, Kushner was named to Forbes' 30 Under 30,[23] Inc. Magazine's 35 Under 35,[24] Crain's 40 Under 40,[25] and Vanity Fair's Next Establishment.[26]
In 2021 it was reported by Bloomberg that Goldman Sachs had invested in Kushner's Thrive Capital at a $3.6 billion valuation.[27]
Oscar
[edit]Kushner is a co-founder of Oscar Health, a health insurance start-up. Founded in 2012, Oscar was valued at $2.7 billion in 2016.[28] Oscar went public in 2021, with Kushner's Thrive Capital owning a stake worth $1.21 billion.[29][30] Oscar reported an $87 million loss in its first quarter as a publicly traded company.[31]
In 2020, it was revealed by The Atlantic that Jared Kushner had contracted Oscar Health to develop a coronavirus testing website that was later scrapped, even though Trump had said publicly that Google was developing the website.[32]
Cadre
[edit]In 2015, Kushner founded a new company called Cadre with his brother Jared and their friend Ryan Williams, with Williams as Cadre's CEO. Cadre is a technology platform designed to help certain types of clients, such as family offices and endowments, invest in real estate.[33][34]
JK2
[edit]Kushner owns 50% of JK2 (also known as Westminster Management), a real estate management company, his brother Jared owns the other 50%. In April 2021, a Judge ruled that JK2 was found to have committed "widespread and numerous" violations of Maryland's consumer protection laws at Baltimore-area properties by collecting debts without the required licenses, charging tenants improper fees, and misrepresenting the condition of rental units.[35][36][37]
Kushner's JK2 was also featured in an episode of Netflix's Dirty Money series titled "Slumlord Millionaire."[38] The episode was based on an expose from ProPublica accusing the company of abusing tenants rights, leaving homes in disrepair, humiliating late-paying renters and suing tenants when they try and move out.[39]
During the COVID-19 pandemic, JK2 filed a significant number of lawsuits against tenants for debt collection and eviction, despite an eviction moratorium being in place.[40]
Personal life
[edit]Kushner started dating model Karlie Kloss in 2012.[41] The couple got engaged in July 2018, a month after Kloss' conversion to Judaism (Kushner's faith).[42] The couple married on October 18, 2018.[43]
Months prior to the Qatar diplomatic crisis, Kushner Companies had attempted to seek financing from the Qataris for their signature 666 Fifth Avenue property, which was facing a massive debt load in April 2017.[44] Joshua's father, Charles Kushner, had met with Qatari finance minister, Ali Shareef Al Emadi, twice to seek financing for the property.[44][45] During the same week that his father was meeting with Ali Shareef Al Emadi, Josh also met with Al Emadi.[46] The deal fell through.[47][48][49][50]
According to an investigation by The New York Times, in October 2017, Joshua Kushner met with several senior members of the Saudi government and the Saudi sovereign wealth fund at a conference in Riyadh. The day after he left, his brother Jared, along with several other senior members of the Trump administration, met with Crown Prince Mohammed Bin Salman.[51] While the meeting was not illegal, it raised potential conflict of interest concerns.[51][52]
In October 2020, it was reported that Kloss and Kushner were expecting their first child.[53] Their first child, Levi Joseph, was born on March 11, 2021.[54][55] His wife announced her second pregnancy with Kushner during the Met Gala in May 2023.[56] Their second child, Elijah Jude, was born on July 11, 2023.[57][58] In December 2020, the couple purchased a home in Miami, Florida for US$23.5 million.[59] The pair also owns a 7,200-square-foot (670 m2) penthouse in the Puck Building in Manhattan, and in August 2024, paid $29.5 million for the Wave House in Malibu, California.[60]
Kushner was included in a 2024 Washington Post article about a WhatsApp group chat from October 2023 through early May 2024 where some United States' business leaders discussed "chang[ing] the narrative" in favor of Israel by conveying “the atrocities committed by Hamas…to all Americans,” following Hamas's October 7th attack on Israel.[61] However, a spokesperson of Kushner stated that, “Josh has not participated in [the group chat].”[62]
His brother, Jared, who is Donald Trump's son-in-law, was a senior advisor to the President during Trump's presidency, and is also an investor in Oscar Health.[63]
See also
[edit]References
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- ^ "Alphabet puts another $375 million into Josh Kushner's Oscar Health, just months after previous investment". CNBC. August 14, 2018. Archived from the original on August 10, 2023. Retrieved August 9, 2023.
- ^ Ozanian, Mike. "Memphis Grizzlies Minority Sale To Joshua Kushner Values Team At $1.32 Billion". Forbes. Archived from the original on December 1, 2020. Retrieved May 1, 2021.
- ^ Draper, Kevin; Stein, Marc (March 22, 2019). "A Kushner Is an N.B.A. Owner". The New York Times. ISSN 0362-4331. Archived from the original on April 20, 2021. Retrieved May 1, 2021.
- ^ "Forbes Features Members of the Tribe In 30 Under 30". Jspace.com. December 29, 2011. Archived from the original on January 30, 2012. Retrieved November 7, 2013.
- ^ Golden, Daniel (November 18, 2016). "The Story Behind Jared Kushner's Curious Acceptance Into Harvard". ProPublica. Archived from the original on March 15, 2021. Retrieved March 15, 2021.
- ^ Alyson Shontell (October 28, 2010). "Here Is Why VC And Entrepreneur Joshua Kushner Is Bothering To Get His MBA". Business Insider. Archived from the original on April 3, 2019. Retrieved November 7, 2013.
- ^ "Q+A Joshua Kushner". Details. Archived from the original on October 7, 2011. Retrieved November 7, 2013.
- ^ Neyfakh, Leon (December 7, 2005). "Doordropped: Which Scene?". The Harvard Crimson. Archived from the original on April 3, 2019. Retrieved January 2, 2016.
- ^ "Glossies Gear Up For Second Run". www.thecrimson.com. Archived from the original on November 11, 2016. Retrieved January 2, 2016.
- ^ a b "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Archived from the original on November 6, 2020. Retrieved January 2, 2016.
- ^ Benitez, Andrew M. (March 7, 2007). "Students Start Spanish Social Site". The Harvard Crimson. Archived from the original on March 4, 2016. Retrieved January 2, 2016.
- ^ "More Layoffs And Downsizing At Vostu, South America's One-Time Frontrunner in Gaming". TechCrunch. March 11, 2013. Retrieved April 29, 2021.
- ^ "After Zynga Settlement, Layoffs Hit Brazilian Social Gaming Company Vostu". TechCrunch. February 14, 2012. Retrieved April 29, 2021.
- ^ Salkin, Allen (June 12, 2009). "I'm Going to Harvard. Will You Sponsor Me?". The New York Times. ISSN 0362-4331. Archived from the original on January 16, 2017. Retrieved January 2, 2016.
- ^ "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Archived from the original on November 13, 2013. Retrieved November 7, 2013.
- ^ Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". The New York Times. Archived from the original on January 29, 2012. Retrieved November 7, 2013.
- ^ "Joshua Kushner worked for Goldman Sachs before he started Thrive Capital, which invested in Instagram and Kickstarter". Business Insider. Archived from the original on March 4, 2016. Retrieved January 2, 2016.
- ^ a b Rusli, Evelyn M. (September 6, 2012). "Thrive Capital Raises $150 Million Fund, Bolstering Profile". The New York Times. Archived from the original on October 18, 2012. Retrieved November 7, 2013.
- ^ "Venture Firm Thrive Capital Raises Another Fund". The New York Times. October 6, 2014. Archived from the original on October 6, 2014. Retrieved June 3, 2015.
- ^ Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Archived from the original on May 12, 2023. Retrieved May 12, 2023.
- ^ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Archived from the original on May 12, 2023. Retrieved May 12, 2023.
- ^ Vardi, Nathan. "Joshua Kushner, Managing Partner, Thrive Capital, 26 - In Photos: 30 Under 30: Finance". Forbes. Archived from the original on November 14, 2013. Retrieved November 7, 2013.
- ^ "Insurance in the U.S. is Broken. Oscar Wants to Fix It". Inc. Magazine. June 24, 2014. Archived from the original on May 5, 2015. Retrieved June 3, 2015.
- ^ "Crain's 40 Under Forty Joshua Kushner, 28". Crain's New York Business. Archived from the original on May 26, 2016. Retrieved June 3, 2015.
- ^ Deligter, Jack (March 21, 2012). "The Next Establishment". Vanity Fair. Archived from the original on September 23, 2011. Retrieved November 7, 2013.
- ^ Roof, Katie (May 20, 2021). "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg News. Archived from the original on May 20, 2021. Retrieved May 20, 2021.
- ^ Bertoni, Steven. "Oscar Health Gets $400 Million And A $2.7 Billion Valuation from Fidelity". Forbes. Archived from the original on April 28, 2016. Retrieved May 12, 2016.
- ^ Livingston, Shelby. "Oscar Health, the original buzzy health insurance start-up, has filed to go public. We pored over its 208-page filing to find 4 key takeaways". Business Insider. Archived from the original on February 9, 2021. Retrieved February 8, 2021.
- ^ Goodman, Michael. "Josh Kushner stands to make a mint on Oscar Health's much-awaited IPO, and has almost total control. Here are the venture investors who will also do well". Business Insider. Archived from the original on May 1, 2021. Retrieved May 1, 2021.
- ^ Japsen, Bruce. "Obamacare Provider Oscar Health Reports Loss Even As Revenue Soars". Forbes. Archived from the original on May 20, 2021. Retrieved May 20, 2021.
- ^ Meyer, Robinson (March 31, 2020). "Exclusive: Kushner Firm Built the Coronavirus Website Trump Promised". The Atlantic. Archived from the original on March 31, 2020. Retrieved May 1, 2021.
- ^ "Kushner Had a Plan to Shed His Cadre Stake. Then the Pandemic Upended It". Bloomberg.com. August 13, 2020. Archived from the original on May 1, 2021. Retrieved May 1, 2021.
- ^ "Jared Kushner to Retain Stake in Cadre | The Real Deal". The Real Deal New York. July 17, 2020. Archived from the original on May 14, 2021. Retrieved May 1, 2021.
- ^ "Jared Kushner's apartment company violated consumer laws in Maryland, judge rules". April 29, 2021. Archived from the original on April 30, 2021. Retrieved April 30, 2021.
- ^ "Judge: Kushner's apartment company violated consumer laws". AP News. April 30, 2021. Archived from the original on May 1, 2021. Retrieved May 1, 2021.
- ^ "Judge: Kushner's apartment company violated consumer laws". thestar.com. April 30, 2021. Archived from the original on May 1, 2021. Retrieved May 1, 2021.
- ^ DiMauro, Morgan Pehme,Daniel (March 27, 2020). "Jared Kushner, Slumlord Millionaire, Can't Evict the Virus". The Daily Beast. Archived from the original on May 16, 2021. Retrieved May 20, 2021.
{{cite news}}
: CS1 maint: multiple names: authors list (link) - ^ MacGillis, Alec (May 23, 2017). "The Beleaguered Tenants of 'Kushnerville'". ProPublica. Archived from the original on May 20, 2021. Retrieved May 20, 2021.
- ^ Fang, Lee (April 4, 2020). "Coronavirus Hasn't Stopped Jared Kushner's Real Estate Empire From Hounding Tenants With Debt Collection, Eviction Lawsuits". The Intercept. Archived from the original on April 7, 2020. Retrieved July 23, 2021.
- ^ Friedman, Gabe (January 25, 2017). "Who is Jared Kushner's brother, and could his $2.7b company fail under Trump?". The Times of Israel. Archived from the original on February 2, 2017. Retrieved January 25, 2017.
- ^ "Karlie Kloss Is Engaged to Joshua Kushner: 'Their Hearts Are Full'". PEOPLE.com. Archived from the original on July 24, 2018. Retrieved July 24, 2018.
- ^ Kimble, Lindsay (October 18, 2018). "Karlie Kloss Is Married! Supermodel Weds Joshua Kushner in Custom Dior Gown". People. Archived from the original on October 19, 2018. Retrieved October 19, 2018.
- ^ a b Swisher, Clayton; Grim, Ryan (March 2, 2018). "Jared Kushner's Real-Estate Firm Sought Money Directly From Qatar Government Weeks Before Blockade". The Intercept. Archived from the original on March 3, 2018. Retrieved July 23, 2021.
- ^ "Kushner Companies confirms meeting with Qatar on financing". Washington Post. ISSN 0190-8286. Archived from the original on June 21, 2019. Retrieved July 23, 2021.
- ^ Swisher, Clayton; Grim, Ryan (March 23, 2018). "Joshua Kushner Met With Government of Qatar to Discuss Financing in the Same Week Father Charles Kushner Did". The Intercept. Archived from the original on July 23, 2021. Retrieved July 23, 2021.
- ^ "The troubling overlap between Jared Kushner's business interests and US foreign policy | Mohamad Bazzi". the Guardian. July 8, 2019. Archived from the original on July 23, 2021. Retrieved July 23, 2021.
- ^ Walsh, Ben; Grim, Ryan; Swisher, Clayton (July 10, 2017). "Jared Kushner Tried and Failed to Get a Half-Billion-Dollar Bailout From Qatar". The Intercept. Archived from the original on July 11, 2017. Retrieved July 23, 2021.
- ^ Kranish, Michael (October 11, 2017). "'He's better than this,' says Thomas Barrack, Trump's loyal whisperer". Washington Post. ISSN 0190-8286. Archived from the original on June 15, 2018. Retrieved July 27, 2021.
- ^ Qureshi, Zamman (July 27, 2021). "US Foreign Policy For Sale: Thomas Barrack, Jared Kushner and the UAE". Byline Times. Archived from the original on July 27, 2021. Retrieved July 27, 2021.
- ^ a b Kirkpatrick, David D. (March 21, 2019). "The Kingdom and the Kushners: Jared Went to Riyadh. So Did His Brother". The New York Times. ISSN 0362-4331. Archived from the original on March 21, 2019. Retrieved July 23, 2021.
- ^ Emmons, Alex; Grim, Ryan; Swisher, Clayton (March 21, 2018). "Saudi Crown Prince Boasted That Jared Kushner Was "In His Pocket"". The Intercept. Archived from the original on April 4, 2019. Retrieved July 23, 2021.
- ^ "Karlie Kloss and Josh Kushner Are Expecting Their First Child". Vogue. October 29, 2020. Archived from the original on November 1, 2020. Retrieved November 1, 2020.
- ^ "Karlie Kloss gives birth to first child with Joshua Kushner". The Independent. March 15, 2021. Archived from the original on April 17, 2021. Retrieved March 15, 2021.
- ^ Ushe, Naledi (April 16, 2021). "Karlie Kloss Shares First Photo with Newborn, Reveals Her Son's Name". People. Archived from the original on December 3, 2023. Retrieved March 30, 2024.
- ^ "Karlie Kloss Debuted Her Second Pregnancy at the 2023 Met Gala". Vogue. May 1, 2023. Archived from the original on May 14, 2023. Retrieved May 14, 2023.
- ^ Haffenden, Dayna. "Karlie Kloss and Husband Joshua Kushner Welcome Second Baby Together". People. Archived from the original on July 14, 2023. Retrieved July 14, 2023.
- ^ Andaloro, Angela. "Karlie Kloss Introduces Her and Joshua Kushner's Second Baby, Newborn Son Elijah Jude". People. Archived from the original on September 3, 2023. Retrieved March 30, 2024.
- ^ "Karlie Kloss, Joshua Kushner Are Revealed As Buyers of $23.5 Million Miami Estat". Architectural Digest. December 10, 2020. Archived from the original on January 9, 2021. Retrieved January 8, 2021.
- ^ Clarke, Katherine (August 26, 2024). "Joshua Kushner and Karlie Kloss Pay $29.5 Million for Malibu's Iconic Wave House". The Wall Street Journal. Archived from the original on August 27, 2024. Retrieved August 28, 2024.
- ^ Natanson, Hannah; Felton, Emmanuel (May 16, 2024). "Business titans privately urged NYC mayor to use police on Columbia protesters, chats show". Washington Post. Retrieved May 17, 2024.
- ^ John Marcus (May 17, 2024). "Finance and business moguls held Zoom with Eric Adams urging him to bring in police on Columbia protesters". The Independent. Retrieved June 8, 2024.
- ^ "Here's How Much Jared Kushner and His Family Are Really Worth". Forbes. Archived from the original on November 4, 2021. Retrieved November 4, 2021.
External links
[edit]- 1985 births
- 21st-century American businesspeople
- American chief executives of financial services companies
- American corporate directors
- American financiers
- American businesspeople in insurance
- American investment bankers
- American people of Belarusian-Jewish descent
- American businesspeople in real estate
- American venture capitalists
- Businesspeople from New Jersey
- Goldman Sachs people
- Harvard Business School alumni
- Kushner family
- Living people
- People from Livingston, New Jersey
- New Jersey Democrats
- Harvard College alumni